David Mirvish has confirmed that Honest Ed's (the discount department store that was put up for sale this past summer) has been sold to Vancouver-based developer Westbank Properties.
Honest Ed's was opened over seven decades ago by David Mirvish's father Ed. The iconic discounter fills a city block at the corner of Bloor and Bathurst Streets. Known for it's flashy outdoor signs, annual Christmas turkey giveaway, and cheeky handmade instore signage, Honest Ed's had become a Toronto institution.
This past July it was reported that the store was beingoffered for sale for $100 million, and that David Mirvish would concentrate his energies on Mirvish Productions and a Frank Gehry designed redevelopment of his King Street properties.
Buyer Westbank is known as a luxury developer and was behind Toronto's Shangri-La Hotel. No plans for the site were announced, but Mirvish confirmed to media that the store will remain open for up to three years while the plans are finalized.
Also included in the deal are properties along Markham Street in the area known as Mirvish Village. This street is a unique collection of small retailers and restaurants and it's expected it will be affected by the redevelopment.
|The Mirvish property at Bloor and Bathurst|